S&P cuts Brazil's sovereign rating by one notch to BB-

S&P Global Ratings on Thursday cut Brazil's long-term foreign and local currency sovereign credit ratings by one notch to 'BB-' from 'BB'. The outlook on the ratings is stable. "The stable outlook reflects our view that there is a less than one-in-three likelihood that we could raise or lower the ratings on Brazil over the coming year," said credit analyst Lisa Schineller in a statement. It also is indicative of Brazil's stable external position and the strength of its monetary policy that help to offset fiscal weakness and lower economic growth outlook than its peers. BB- is generally viewed as "speculative" by lenders.

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